Contracts

A contract is a legally enforceable document which binds two or more involved parties. It is an agreement that defines the certain obligations required to be followed by the parties.

Even though a contract may be an oral agreement but since it lacks material evidence, therefore contracts are generally written. Some oral contract examples are-buying a book or a food item. Examples of written contracts are-buying a land or a piece of land.

Contracts are of the following two types:

Bilateral contract-It is a typical type of a contract where one party offers and the other party agrees. For example: When a land is on sale, the seller offers and the buyer agrees to buy it for a fixed price.

Unilateral contract-This is a kind of a contract wherein only one of the two parties makes a promise. For example: Tim promises to pay John a reward of $20 if John finds Tim’s bag. Here Tim will be obliged to pay the reward since he promised.

The following requirements must be fulfilled to make a contract:

A valid offer and the acceptance of the contract.

Legally sufficient information

Lawfulness of purpose

Consent to contract

The monetary considerations and details of method of payment.

There are multiple types of contracts under various topics:

Employment contracts

Repair and maintenance contracts

Service contracts

Generic contracts

Clinical contracts

Loan contracts

Supple chain contracts

These are just a few categories of contracts. This website will provide you detailed contracts on wide array of topics among which you can use the one as per your requirement.